Central banks act to boost markets
The Bank of England and the European Central Bank both left interest rates unchanged yesterday, but increased liquidity provisions as the credit squeeze continued.
While the BOE rate remained at 5.75%, the bank warned: "It is too soon to tell how far the disruption in financial markets will impair the availability of credit to companies and households."
It listed credit spreads and volumes in particular as keys to its forecasts for inflation, which in turn will determine future rate changes
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